SECOND SIGHT MEDICAL PRODUCTS, INC. (NASDAQ:EYES) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersITEM 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 19, 2018, the Board of Directors of Second Sight Medical Products, Inc. (the “Company”) granted options to purchase 150,000 shares of the Company’s common stock to Thomas B. Miller, its Chief Financial Officer. These options have (i) a term of 10 years, (ii) fully vest and are exercisable on January 19, 2019 (the “Vesting Date”), and have (iii) an exercise price of $1.83 per share, which was the closing price of the Company’s shares as reported by Nasdaq on the date of grant. The validity of these options hinge on Mr. Miller’s continued employment with the Company or, upon leaving that employment, his remaining available on a consultant basis to assist when requested in an executive transition and related financial or operational matters through the Vesting Date. Mr. Miller’s previously granted options (“Prior Options”) may continue to vest according to their terms of grant through the Vesting Date, provided that Mr. Miller is either still employed by or remains a consultant to the Company as of that date and provided that all other terms and conditions applicable to the Prior Options remain in effect.
About SECOND SIGHT MEDICAL PRODUCTS, INC. (NASDAQ:EYES)
Second Sight Medical Products, Inc. is engaged in developing, manufacturing and marketing prosthetic devices that restore vision to blind individuals. The Company’s product, the Argus II System, treats outer retinal degenerations, such as retinitis pigmentosa (RP). The Argus II System provides an artificial form of vision that differs from the vision of people with normal sight. It does not restore normal vision and it does not slow or reverse the progression of the disease. The Company’s Argus II System employs electrical stimulation to bypass degenerated photoreceptor cells and to stimulate remaining viable retinal cells thereby inducing visual perception in blind individuals. The Argus II System works by converting video images captured by a miniature camera housed in a patient’s glasses into a series of small electrical pulses that are transmitted wirelessly to an array of electrodes that are implanted on the surface of the retina.